(Bloomberg) -- Manchester United has signed a major sponsorship deal with Qualcomm Technologies Inc. that will display the company’s Snapdragon brand on the club’s shirts.
Snapdragon will become Manchester United’s front-of-shirt partner from the start of the 2024/2025 season and feature on kits of the men’s and women’s teams, the English club said late Tuesday.
The value of the agreement is just over £60 million ($75 million) a year, according to a person familiar with the matter. That tops the around £47 million paid by the current kit sponsor, German software company TeamViewer SE, the person said, declining to be identified because the information is private.
The Premier League team, one of the best-known football clubs globally, declined to comment on the value or the duration of the deal.
TeamViewer said Wednesday it will cut the scope of its partnership with the club from next season, after an activist investor last year called the deal “appalling judgment” due to its cost. Its sponsorship had originally been slated to run through 2026.
Read more: TeamViewer Says Man United Exit Means Upside to Margin
Ending the deal will have a positive effect on TeamViewer’s adjusted earnings before interest, taxes, depreciation, and amortization of around €17.5 million ($18.8 million) next year, and around €35 million in 2025.
TeamViewer rose as much as 3.4% in Frankfurt trading on Wednesday, the biggest intraday gain in a month.
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